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Question(s) / Instruction(s):

On January 1, 2009, Bartel Enterprises issues bonds that have a $3,350,000 par value, mature in 20 years, and pay 8% interest semiannually on June 30 and December 31. The bonds are sold at par.

Requirement 1:

How much interests will Bartel pay (in cash) to the bondholders every six months?

Requirement 2:

Prepare journal entries to record:

(a)            The issuance of bonds on January 1, 2009

(b)            The first interest payment on June 30, 2009

(c)             The second interest payment on December 31, 2009

Requirement 3:

Prepare the journal entry for issuance of bonds assuming:

(a)            The bonds are issued at 97

(b)            The bonds are issued at 101

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